Stamp duties are payable by the seller on real estate transactions, and are taxed on the assessed market value of the property at the following rates:
|Special Development Areas:||14%|
|South East Peninsula:||18.5%|
In general, stamp duties are paid directly to Inland Revenue by the purchaser's attorney.
St. Kitts real estate and Nevis real estate closing costs are approximately 2 - 2.5% of the gross purchase price. For the purchaser, legal fees for preparing and registering a Memorandum of Transfer are calculated according to the following cumulative scale:
|First XCD 25,000:||2.5%|
|Next XCD 25,000:||2%|
|Next XCD 950,000:||1%|
|Over XCD 1,000,000:||0.5%|
Additional costs and fees payable by the purchaser are:
|Registration fee:||XCD 7.20|
|Title Assurance Fund:||0.2%|
|Certificate of Title:||XCD 14.00|
|Survey diagram for Certificate of Title (if applicable):||XCD 945.00|
|Alien Land Holding exemption fee (if applicable):||XCD 50.00|
|Preparation of Agreement for Sale (if applicable):||1%|
House and land tax in the Federation is charged at various rates depending on the size and nature of the real estate concerned. In Special Development Areas, such as the South East Peninsula on St. Kitts, there is a tax of 0.5% of the assessed market value of the land, or land and improvements. The Property Tax Act of 2006, has introduced a new method of calculating property taxes, additional information is available on the St. Kitts Nevis Inland Revenue Department's website. The current tax rate is 0.2% of the assessed market value of the land, or land and improvements.
Foreign nationals are required to apply for an Alien Land Holding Licence in order to acquire real estate in the Federation of St. Kitts & Nevis. The Government's fee for an Alien Land Holding Licence is 10% of the gross purchase price. Applicants should allow a minimum of 90 days for the application process. Real estate in Frigate Bay and a few other designated areas, such as Beaumont Park, are exempt from the provisions of the Aliens Land Holding Regulation Act Cap. 102. In addition, foreign nationals purchasing a maximum of 2 acres of land in the South East Peninsula for residential purposes are also exempt from the provisions of the Aliens Land Holding Regulation Act Cap. 102 (see Alien Land Holding (Exemption) Order, 2009).